SRNE - Why Sorrento Therapeutics Stock Is Ripping Higher Today
Shares of the mid-cap biopharma Sorrento Therapeutics (NASDAQ: SRNE) jumped by as much as 35% in pre-market trading Thursday morning. The stock is heating up today in response to the Food and Drug Administration clearing Sorrento's COVID-19 neutralizing antibody, COVI-Guard (STI-1499), for a phase 1 trial in hospitalized patients.
The trial is reportedly being designed for rapid adaptive expansion, including international sites in Brazil. By taking this approach, Sorrento hopes to have a clear line of sight on the drug's preliminary safety and efficacy features in a short period of time.
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